Retail bankruptcies hit an all-time high in the first quarter of the year, soaring past last year's records, according to Moody's Investor's Service.

The fallout is far from over, however, with many more defaults expected for the remainder of 2018.

"We believe defaults in 2018 could match or exceed last year's record level," S&P Global Ratings analyst Robert Shulz wrote in a report that identified 20 retailers at risk of defaulting. Since publishing the report last month, two of the companies identified - the jewelry retailer Claire's and grocery chainBi-Lo - have filed for bankruptcy.

The pace of retail liquidations could also pick up this year, Shulz wrote.

"Despite store closures amid the turmoil, the US remains significantly oversaturated with retail stores," he wrote. "Some retailers have made progress towards better aligning their physical footprint to the new reality of physical versus virtual sales, but there is still excess capacity."

In an interview with The Wall Street Journal, Drexler said the retailer's biggest mistake over the last several years is that it jacked up its prices at a time when customers were increasingly cost-conscious.

New Academy Holding Co. LLC

New Academy Holding Co. LLC

New Academy is the indirect parent company of the discount chain Academy Sports & Outdoors, which has more than 240 locations.

PetSmart Inc.

PetSmart Inc.

PetSmart has more than 1,500 pet stores in the US, Canada, and Puerto Rico.

Steak 'n Shake Inc.

Steak 'n Shake Inc.

The 84-year-old fast-food chain Steak 'n Shake has more than 500 locations, primarily in the Midwest and South US.